I am 30 years old this year, and reflecting on the moment I entered the cryptocurrency market in 2019, I feel quite sentimental. At that time, I was not financially well-off; that initial capital of 60,000 was borrowed. However, after years of struggling in the cryptocurrency market, by last year, my assets surprisingly exceeded 8 figures, which can be considered a small achievement.
I have been trading cryptocurrencies full-time for 6 years now, which amounts to over 2160 days. During this time, I have tried various trading methods such as long-term, short-term, ultra-short-term, and swing trading, so I can say I have a considerable say in cryptocurrency trading.
I have always believed that to master a skill, one must follow the 10,000-hour rule. Take cryptocurrency trading as an example: if you spend 8 hours a day on it, and there are about 200 days in a year for review and summary, it would take roughly 5 years to start achieving stable profits, and that's just the foundation.
You should know that in these 6 years, I have inevitably encountered various pitfalls. Therefore, to be safe, everyone must not invest more than they can afford to lose. I have seen many experts who originally grew their funds from tens of thousands to tens of millions or even over a hundred million, relying on high leverage in contracts to seek profits. However, after a bear market, they lost all their assets. There are many such examples; it's just that many people haven’t seen them.
Human nature is such that, in the face of major market trends, it often causes people to lose their ability to make correct judgments. This brings us to a crucial point in cryptocurrency trading: you must use stop-loss orders when opening positions. This is a hard rule! If you trade contracts without stop-loss, it's practically like handing your money to the market makers. Why bother? Everyone must not harbor any false hopes of holding onto losing positions. You might get lucky and recover nine times, feeling quite good about it, but just one time when you can't hold on could lead to complete loss.
Additionally, when trading cryptocurrencies, you must maintain a good mindset and never get overly emotional. I have seen too many people who, once they lose money, rush to recover it and end up making a series of chaotic trades. What might have been just a partial loss could turn into a total loss overnight, which is quite unfortunate. This ties back to the earlier point about stop-loss; you must determine your stop-loss level before opening a position and know how much you can afford to lose. If your stop-loss is triggered, relax, adjust your state of mind, and patiently look for suitable opportunities. Never let emotions lead you.
Moreover, we must not be too subjective when trading cryptocurrencies; the market will not move according to our personal thoughts. If you understand technical analysis, that helps a bit, as you can rely on technical indicators for judgments. However, if you don't understand it, you must not jump to conclusions. I often see people thinking, 'This is definitely going to drop; the market makers are manipulating the price to entice buyers,' or 'With so many positive news, it has to go up; just hold on.' Isn't that a bit rigid? The market is ever-changing; you can't rely solely on your feelings, thinking 'I believe' or 'I think' is correct. Once you realize your judgment is wrong, quickly admit it, adjust your mindset, and don't stubbornly stick to your beliefs, or you'll end up suffering.
In short, the cryptocurrency market has risks, and everyone must trade cautiously, maintain a rational mindset, and strictly adhere to trading rules.
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